Ritz Camera Bankrupt: News of Bankruptcy Protection
Filed under: Digital Cameras, Electronics | By: Daniel
Posted on: February 23, 2009 | 4 Comments
Today we hear news of Ritz Camera filing for bankruptcy protection, this is the United States largest camera-store chain and they have directly blamed the worldwide recession.
Ritz Camera had previously bought the second largest camera chain, Wolf Camera and Ritz Camera has a history that lasts some 91 years.
Is this evidence of the recession hitting businesses that sell one of the most popular consumer electronic devices or just shows a big company that could not move on after losing the big profits made from photo finishing.
In 2008 Ritz Camera had sales of just under $1 billion and yesterday they filed for Chapter 11 bankruptcy at the U.S. Court in Wilmington, Delaware.
Hit the read link below for the full details. What do you make of this latest big name store hit by the current economy?
Source: Read
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Boaters world a division of ritz camera filed for chapter 11
on me They new they where in trouble and lied about it to me, having me stock 40 of there stores with my products and then not paying or responding to us as to why they wouldnt pay.On top of it all they now have 75 million dollars to buy new inventory(not payt for stuff that they are selling in there stores) and the first monies that get paid back will be the banks. So the banks get my tax money in bailout and then they get my money from the products that boaters world stole from me and We get nothing
Ritz Camera used to have 1700 outlets and did Film Processing at each store, which each then made good profits. When Film Processing was eliminated, it was replaced by selling Digital Cameras that required zero Film Processing. The elimination of Film Processing, reduced 80% of the daily profit. Digital Camera sales are now also falling; you can only sell so many digital camera’s until the public is saturated and doesn’t need to upgrade anymore.
By the way, there will still be 800 stores that are not included in this bankruptcy. It wasn’t Ritz’s fault this happened, they were only reacting to the “NEW DIGITAL WORLD” that appeared and they also had to upgrade or go out of business. Many, many, single, small photo lab went out of business when Digital arrived. Ritz was able to hang on a little longer, that is all.
UPDATE: Ritz Camera just recently closed an additional 237 stores and they are now left with only 163 stores. These stores are being funded with $ 11,000,000.00 dollars in private financing. Hopefully Ritz Camera can still find a way to survive by downsizing.
yesterday 11/09/2009 I went to the nearest Ritz camera store seeking my money back that I had used to pay for a brand new 755 Garmin gps unit. while there the associate was very nice and helpful and I really give him credit for that. however, I walked away upset, crying and feeling unjustified not by his actions but because of the mangers actions of whom he had to call. the associate had to call someone to find out if I could get a refund for the product I brought back to one of your locations. however, the location I had to drive to wasn’t the actual store the item was purchased at. the store I purchased the gps system from closed down and there were no longer any stores in my county AT ALL!! because of this, I had to drive well over 37 miles and lost a complete half tank of gas doing so! I not only had the original receipt but I had the emails sent back and forth to Garmin, the original gps box that the unit came in, the invoice letter Garmin sent to me when it was so-called repaired and fixed and even the box and wrapping Garmin sent the item back in when it was so-called fixed. the reason why I DID NOT send the item to Ritz camera store to be fixed when the unit kept blanking out on me in THE MIDDLE of the highway and making me lost wasting gas traveling long distances to find the right highway, is because the 30 day warranty the store offered was over. HOWEVER, Garmin’s website clearly states that I have a YEAR WARRANTY from the date of purchase! before I sent the unit to Garmin I spoke with a representative on the phone who set up the arrangement for me to send the unit in and he told me that there was a “GLITCH” in the gps system unit I purchased. I was also told that I had to pay shipping fee to have the unit sent to Garmin ( the address that it was sent to is posted on their website) to be fixed. very upset that I have to pay a shipping fee for a unit they already had a glitch in I proceeded to mail the unit anyway because I needed it. however, when I sent the unit out for repair and after waiting two entire weeks without using an item that I paid 500+ for, got the item back and IT DIDNT WORK!! I found out that the unit still didn’t work IN THE MIDDLE OF THE HIGHWAY!!! AGAIN!! this has caused myself emotional stress and I do not feel comfortable driving around with a faulty unit!! yesterday I was very reluctant giving my unit to the Ritz rep. but I only did so because I didn’t want anyone stating that I didn’t explore every avenue in trying to get this ALREADY FAULTY unit fixed. one of the other Ritz camera store clerks took the unit and tried to use it in her car and came back stating that I was right it DOESNT WORK. can you imagine me at night with my little girl using a unit that worked but in the middle of the highway turned off??? well…that’s what happened!! I not only suffered stress, but I missed the appointment, wasted gas, and wasted time. to make matters worse, I WAS IN ANOTHER COUNTY!! what is going to happen if I drive to another state and the unit I have shuts off?? this is insane!! as a customer I find this to be you robbing me of my money. I cannot drive to Philadelphia where my family resides with a unit I CANNOT TRUST!! I not only would be scared out my mind to use this unit but terrified even more if I do and this situation happens again of which I cannot give a chance for IN ANOTHER STATE! are you serious?? you cannot sell me something that already has problems and get away with this!! I am keeping every document because I haven’t lied about a thing and I am being treated like a criminal EVEN WITH A RECEIPT!! I contacted Garmin for a return but they informed me that once a store buys the product from them it is no longer in their care and that I must talk to Ritz for a refund!! well…I am talking to you and I am not getting what I want. I have already explained just about (if not all) information which in my opinion should be enough for someone to understand my dilemma!! however, I will call your office by 9 or 10 am this morning 11/10/2009 to see if you have this email of just to explain my situation again once more. once again, to buy something that is FAULTY and have a receipt and an item that doesn’t work is unlawful and if I am not granted my money back as said before I believe it’s my best interest to seek legal action.